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https://www.nationthailand.com/thailand/economy/40020210

Sino-Thai Digital Cooperation ‘To Play Key Role In Sustainable Development’

MONDAY, SEPTEMBER 19, 2022

THE NATION

Digital Cooperation With China Would Lead To Sustainable Development Of The Two Countries, Thailand’s Digital Economy And Society Minister Chaiwut Thanakamanusorn Said On Friday.

He was speaking in a pre-recorded video message that was played during the opening ceremony of the 5th China-Asean Information Harbour Forum in Nanning, the capital of China’s Guangxi Zhuang Autonomous Region in southern China on Friday.

In the video message, Chaiwut congratulated the organisers for holding the event, which he said would be a venue for exchanging information on digital technologies as well as a venue for cooperation between China and Asean nations on technologies and digital economy developments.

Chaiwut said Thailand was steering towards a digital economy with its policies and the 20-year national development plan for creating digital infrastructure and digital safety for the public.

He added the the development plans would transform Thailand into a digital economy with sustainability.

“I would like to hereby stress that digital economy cooperation between Thailand and China would be a new driving force for sustainable development of the two countries,” Chaiwut said.

On Saturday, Chaiwut also sent a video message to participate in the opening ceremony of the China-Asean Silk Road e-Commerce Forum 2022, which was the 19th China-Asean Trade Fair, also in Nanning.

In his video message, Chaiwut said the application of digital technologies had helped Thailand survive the Covid-19 pandemic.

He also pledged cooperation with other Asean nations and China to develop a good digital ecosystem that would help Asean and China benefit from sustainable e-commerce trade in the future.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020207

Steel Bar-Makers To Seek Government Nod For Price Hike

MONDAY, SEPTEMBER 19, 2022

THE NATION

Manufacturers Of Steel Bars Are Planning To Approach The Thai Government And Seek Its Permission To Raise Prices As Production Costs Have Been Rising.

Prawit Horrungruang, an adviser to the steel bar manufacturers’ association, said that the steel used to make the bars has seen a 42-per-cent price hike from last year, while the manufacturers are also facing rising costs of electricity, transportation and wages.

Prawit said the steel raw material required for making bars now sells at about US$658 (24,300 baht) per tonne, compared to $464 last year.

The rising power bill also added another 700 to 800 baht to the cost of making one tonne of steel bars, Prawit added.

He said the manufacturers would not survive without raising the prices but they need to first receive approval from the Internal Trade Department as steel bars and other steel products’ prices are under the control of the department.

He added that the rising cost of energy has affected steel prices worldwide. For example, manufacturers in Turkey have announced price hikes of $20 to $40 per tonne.

Prawit said the prices of steel bars in Thailand were lower than those in other countries. For example, steel bars in Singapore are priced at $738 per tonne, at $740 in Turkey and at $852 in China while it sells at $699 in Thailand.

Prawit also advised construction firms to use higher-grade steel bars to save cost. He said although the higher-grade bars were more expensive, construction firms would save money as they would need to use lesser quantities of the bars.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020204

SEC Advises People To Be Cautious About Investing In Foreign Exchange

MONDAY, SEPTEMBER 19, 2022

THE NATION

The Securities And Exchange Commission (SEC) On Monday Warned Thais To Cross-Check With The Bank Of Thailand Before Buying Or Investing In Foreign Currencies.

The SEC posted on its website an article warning against investing in unauthorised foreign exchange schemes.

The SEC explained that it has no authority to supervise foreign exchange, and that it supervises only the stock exchange and the trading of corporate bonds and digital currency tokens.

The article was apparently referring to a high-profile scam — the Forex-3D online Ponzi fraud.

About 9,000 complaints have been registered so far with the Department of Special Investigation, regarding losses of about 2 billion baht after investing in the Forex-3D scheme.

The case captured public attention after popular actress-singer Savika Chaiyadej, her mother and her brother were charged and denied bail on charges of operating the scam.

The SEC noted that the currency exchange law requires transactions of foreign currencies to be done with entities approved by the finance ministry, such as commercial banks and finance companies.

The SEC added that so far no foreign currency exchange rights has been given to any individual or legal entity that are not banks or finance companies.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020201

Thailand’s ‘Farm Outlets’ To Get A Makeover

MONDAY, SEPTEMBER 19, 2022

THE NATION

The Internal Trade Department Has Said It Will Initially Work On Modernising 10 Of 69 “Farm Outlets” Across The Country To Draw More Customers.

Wattanasak Sur-iam, the department’s director-general, said the aim is to make these shops more attractive and offer a greater variety of products. He said souvenirs and handicrafts will also be added to the shelves.

The director-general explained that the department will start off by overhauling 10 outlets from next year. He said the aim is to add value to farm produce, especially organic items and community products.

The department will also help manufacturers receive the stamp of approval from the Thai Food and Drug Administration as well as get “halal” certification.

The director-general said producers will also be encouraged to register their brands and trademarks.

The 10 outlets will be linked up, so they can exchange goods to enhance sales and reduce waste.

The Internal Trade Department plans to expand sales channels for farm products by seeking shelf space in department stores and supermarkets, as well as launching campaigns to promote awareness.

The department has been helping farmers open farm outlets since 2009. So far, 69 such outlets have been established in 40 provinces and they earn between 50,000 and 1.5 million baht per month, Wattanasak said.

THE NATION